Equities market gains 0.21% over investors’ bargain trading

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The Nigerian Stock Exchange (NSE) equities market gained 0.21 per cent last week as investors renewed trading on listed blue chips companies.

The equities major indicator, The NSE All-Share Index (NSE ASI) added 87.56 basis points to close at 40,928.70 basis points from 40,841.14 basis points it opened for trading last week.

Accordingly, the Month-to-Date and Year-to-Date returns improved to -1.39 per cent and 7.02per cent, respectively.

The market capitalisation, added N31 billion to N14.78 trillion from N14.75 trillion.

Similarly, all other indices finished higher with the exception of NSE Consumer Goods, NSE-Main Board, NSE 30, NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Pension indices that depreciated by 1.04per cent, 0.23per cent, 0.44per cent, 2.22per cent, 0.76per cent, 0.69per cent and 0.33per cent respectively while the NSE ASeM Index closed flat.

Meanwhile, a total turnover of 1.415 billion shares worth N19.644 billion in 20,659 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.765 billion shares valued at N26.562 billion that exchanged hands last week in 20,265 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.136 billion shares valued at N12.336 billion traded in 12,240 deals; thus contributing 80.26 per cent and 62.80per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 103.975 million shares worth N5.723 billion in 3,369 deals.

The third place was occupied by Oil and Gas Industry with a turnover of 51.007 million shares worth N436.610 million in 1,417 deals.

Trading in the Top Three Equities namely – Zenith International Bank Plc, Sovereign Trust Insurance Plc, and Skye Bank Plc (measured by volume) accounted for 437.704 million shares worth N5.609 billion in 2,659 deals, contributing 30.93per cent and 28.55 per cent to the total equity turnover volume and value respectively.

A total of 2,500 units of Federal Government Bonds valued at N2.367 million were traded this week in 10 deals, compared with a total of 4,457 units valued at N4.247 million transacted last week in 13 deals

Also traded during the week were a total of 616,587 units of Exchange Traded Products (ETPs) valued at N9.185 million executed in 21 deals, compared with a total of 125,282 units valued at N2.835 million that was transacted last week in 11 deals.

Analysts at Cordros Capital said, “Still-strengthening macroeconomic fundamentals and declining fixed income yields continue to strengthen our medium-to-long term outlook for Nigerian risky assets, while relatively lower prices of value stocks buoy likelihood of bargain-hunting in the short term.”

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